Wells Fargo has signed an agreement with financial data aggregator Finicity to share its customer information with the financial apps and services supported by Finicity via an application programming interface (API).
The US banking group previously signed similar data exchange agreements with Intuit and Xero. However, these agreements applied only to the users of these products.
However, the latest agreement will also enable third-party applications to access the US bank’s customer data.
“This agreement benefits the broader financial application developer community by allowing the apps and services that rely on Finicity’s APIs to access Wells Fargo customer-permissioned data once the proper authorisations are obtained,” Finicity said.
Further, the data sharing agreement also creates a direct-access relationship, phasing out the necessity for users to provide credentials through third-party apps.
Wells Fargo Virtual Channels head of digital Brett Pitts said: “Establishing a data-sharing process with a provider like Finicity creates a much better experience for our customers. This allows our customers to choose where and how to use their financial data, while also maintaining the privacy of their user credentials.”